Business
First Majestic Silver Produces 5.5M Silver Eqv. Oz in Q4 2020 (3.5M Silver Oz and 26K Gold Oz); Provides 2021 Outlook and Conference Call Details
VANCOUVER, British Columbia, Jan. 20, 2021 (GLOBE NEWSWIRE) -- First Majestic Silver Corp. ("First Majestic" or the "Company") is pleased to announce the Compan
About this update from First Majestic Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 20, 2021 (GLOBE NEWSWIRE) -- First Majestic Silver Corp. (\"First Majestic\" or the \"Company\") is pleased to announce the Company’s fourth quarter and full year 2020 production results, as well as production and cost guidance for 2021. The Company’s fourth quarter and full year 2020 financial results are scheduled to be released on February 18, 2021. Q4 2020 HIGHLIGHTS Total production reached 5.5 million silver equivalent ounces, representing a 5% increase over the prior quarter. Silver production reached 3.5 million ounces, representing a 9% increase over the prior quarter and the Company’s second highest quarterly silver production. Gold production reached 26,343 ounces, representing a 2% increase from the prior quarter. San Dimas produced 1.9 million ounces of silver and 19,980 ounces of gold, representing an increase of 16% and 9%, respectively, from the prior quarter and the highest quarterly silver production since acquiring the mine in May 2018. La Encantada produced 1.1 million silver ounces, representing a 12% increase from the prior quarter and the highest quarterly production since Q2 2013. At the end of the fourth quarter, 25 exploration drill rigs were active across the Company’s mines and projects consisting of 12 rigs at San Dimas, seven rigs at Santa Elena, four rigs at La Encantada and two rigs at La Parrilla. FY 2020 HIGHLIGHTS Silver production of 11.6 million ounces achieved the top-end of the Company’s revised guidance range of producing between 11.0 to 11.7 million ounces of silver. Strong silver production from La Encantada and San Dimas in the second half of 2020 helped to offset some of the production losses resulting from the national COVID-19 shutdowns which occurred in the second quarter of 2020. Gold production in 2020 reached 100,081 ounces and slightly below the Company’s guidance range of producing between 106,000 to 112,000 ounces. The slight miss was primarily due to lower production rates at Santa Elena and lower gold grades at San Dimas in the second half of 2020. La Encantada produced 3.5 million silver ounces, representing a 14% increase from the prior year and beating the Company’s revised production guidance of between 3.1 to 3.3 million silver ounces. In addition, La Encantada recorded its highest annual silver production since 2014. Achieved rec...